Intrinsic value of Spark Therapeutics - ONCE

Previous Close

$40.81

  Intrinsic Value

$3.43

stock screener

  Rating & Target

str. sell

-92%

Previous close

$40.81

 
Intrinsic value

$3.43

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of ONCE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  19
  30
  45
  65
  91
  126
  168
  221
  285
  360
  447
  546
  658
  783
  921
  1,071
  1,234
  1,408
  1,595
  1,793
  2,003
  2,224
  2,455
  2,698
  2,951
  3,215
  3,490
  3,776
  4,073
  4,383
Variable operating expenses, $m
  140
  216
  323
  469
  661
  909
  1,220
  1,602
  2,061
  2,603
  3,233
  3,952
  4,764
  5,668
  6,665
  7,753
  8,930
  10,196
  11,547
  12,983
  14,500
  16,098
  17,774
  19,530
  21,363
  23,274
  25,265
  27,337
  29,490
  31,729
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  140
  216
  323
  469
  661
  909
  1,220
  1,602
  2,061
  2,603
  3,233
  3,952
  4,764
  5,668
  6,665
  7,753
  8,930
  10,196
  11,547
  12,983
  14,500
  16,098
  17,774
  19,530
  21,363
  23,274
  25,265
  27,337
  29,490
  31,729
Operating income, $m
  -121
  -186
  -278
  -404
  -570
  -783
  -1,051
  -1,381
  -1,777
  -2,244
  -2,786
  -3,406
  -4,106
  -4,885
  -5,744
  -6,682
  -7,697
  -8,788
  -9,952
  -11,189
  -12,497
  -13,874
  -15,319
  -16,832
  -18,412
  -20,060
  -21,775
  -23,561
  -25,417
  -27,346
EBITDA, $m
  -113
  -174
  -260
  -378
  -533
  -733
  -984
  -1,292
  -1,662
  -2,100
  -2,607
  -3,188
  -3,842
  -4,571
  -5,375
  -6,253
  -7,202
  -8,223
  -9,313
  -10,471
  -11,695
  -12,983
  -14,335
  -15,751
  -17,230
  -18,771
  -20,377
  -22,048
  -23,785
  -25,590
Interest expense (income), $m
  0
  0
  3
  8
  15
  24
  37
  53
  73
  97
  126
  161
  201
  247
  299
  357
  421
  490
  566
  647
  733
  825
  922
  1,024
  1,131
  1,244
  1,361
  1,483
  1,610
  1,743
  1,881
Earnings before tax, $m
  -121
  -190
  -287
  -419
  -594
  -820
  -1,104
  -1,453
  -1,873
  -2,370
  -2,947
  -3,608
  -4,353
  -5,184
  -6,101
  -7,102
  -8,187
  -9,353
  -10,599
  -11,923
  -13,322
  -14,796
  -16,343
  -17,963
  -19,656
  -21,420
  -23,259
  -25,171
  -27,160
  -29,227
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -121
  -190
  -287
  -419
  -594
  -820
  -1,104
  -1,453
  -1,873
  -2,370
  -2,947
  -3,608
  -4,353
  -5,184
  -6,101
  -7,102
  -8,187
  -9,353
  -10,599
  -11,923
  -13,322
  -14,796
  -16,343
  -17,963
  -19,656
  -21,420
  -23,259
  -25,171
  -27,160
  -29,227

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  241
  373
  558
  809
  1,141
  1,569
  2,106
  2,766
  3,559
  4,495
  5,582
  6,824
  8,225
  9,787
  11,507
  13,386
  15,419
  17,604
  19,938
  22,416
  25,036
  27,794
  30,689
  33,720
  36,885
  40,186
  43,623
  47,200
  50,918
  54,783
Adjusted assets (=assets-cash), $m
  241
  373
  558
  809
  1,141
  1,569
  2,106
  2,766
  3,559
  4,495
  5,582
  6,824
  8,225
  9,787
  11,507
  13,386
  15,419
  17,604
  19,938
  22,416
  25,036
  27,794
  30,689
  33,720
  36,885
  40,186
  43,623
  47,200
  50,918
  54,783
Revenue / Adjusted assets
  0.079
  0.080
  0.081
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
Average production assets, $m
  67
  103
  154
  223
  315
  433
  581
  762
  981
  1,239
  1,539
  1,881
  2,268
  2,698
  3,172
  3,690
  4,251
  4,853
  5,496
  6,180
  6,902
  7,662
  8,460
  9,296
  10,169
  11,078
  12,026
  13,012
  14,037
  15,103
Working capital, $m
  -65
  -100
  -150
  -218
  -307
  -422
  -567
  -745
  -958
  -1,210
  -1,503
  -1,837
  -2,214
  -2,635
  -3,098
  -3,603
  -4,151
  -4,739
  -5,367
  -6,034
  -6,740
  -7,482
  -8,262
  -9,077
  -9,930
  -10,818
  -11,743
  -12,706
  -13,707
  -14,748
Total debt, $m
  64
  154
  281
  453
  681
  975
  1,343
  1,796
  2,340
  2,982
  3,727
  4,580
  5,541
  6,612
  7,792
  9,081
  10,476
  11,975
  13,576
  15,276
  17,073
  18,965
  20,951
  23,030
  25,202
  27,466
  29,824
  32,277
  34,828
  37,480
Total liabilities, $m
  166
  256
  382
  555
  783
  1,076
  1,445
  1,897
  2,441
  3,084
  3,829
  4,681
  5,643
  6,714
  7,894
  9,183
  10,578
  12,077
  13,677
  15,377
  17,175
  19,067
  21,053
  23,132
  25,303
  27,568
  29,926
  32,379
  34,930
  37,581
Total equity, $m
  76
  117
  175
  254
  358
  493
  661
  868
  1,117
  1,411
  1,753
  2,143
  2,583
  3,073
  3,613
  4,203
  4,842
  5,528
  6,261
  7,039
  7,861
  8,727
  9,636
  10,588
  11,582
  12,618
  13,698
  14,821
  15,988
  17,202
Total liabilities and equity, $m
  242
  373
  557
  809
  1,141
  1,569
  2,106
  2,765
  3,558
  4,495
  5,582
  6,824
  8,226
  9,787
  11,507
  13,386
  15,420
  17,605
  19,938
  22,416
  25,036
  27,794
  30,689
  33,720
  36,885
  40,186
  43,624
  47,200
  50,918
  54,783
Debt-to-equity ratio
  0.840
  1.320
  1.600
  1.780
  1.900
  1.980
  2.030
  2.070
  2.090
  2.110
  2.130
  2.140
  2.150
  2.150
  2.160
  2.160
  2.160
  2.170
  2.170
  2.170
  2.170
  2.170
  2.170
  2.180
  2.180
  2.180
  2.180
  2.180
  2.180
  2.180
Adjusted equity ratio
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -121
  -190
  -287
  -419
  -594
  -820
  -1,104
  -1,453
  -1,873
  -2,370
  -2,947
  -3,608
  -4,353
  -5,184
  -6,101
  -7,102
  -8,187
  -9,353
  -10,599
  -11,923
  -13,322
  -14,796
  -16,343
  -17,963
  -19,656
  -21,420
  -23,259
  -25,171
  -27,160
  -29,227
Depreciation, amort., depletion, $m
  8
  12
  18
  26
  37
  50
  68
  89
  114
  144
  179
  219
  264
  314
  369
  429
  494
  564
  639
  719
  803
  891
  984
  1,081
  1,182
  1,288
  1,398
  1,513
  1,632
  1,756
Funds from operations, $m
  -113
  -178
  -269
  -393
  -558
  -770
  -1,036
  -1,364
  -1,759
  -2,226
  -2,768
  -3,389
  -4,089
  -4,871
  -5,732
  -6,673
  -7,693
  -8,789
  -9,960
  -11,204
  -12,519
  -13,905
  -15,360
  -16,882
  -18,473
  -20,132
  -21,860
  -23,658
  -25,528
  -27,471
Change in working capital, $m
  -24
  -35
  -50
  -68
  -89
  -115
  -145
  -178
  -213
  -252
  -293
  -334
  -377
  -420
  -463
  -506
  -547
  -588
  -628
  -667
  -705
  -743
  -779
  -816
  -852
  -889
  -925
  -963
  -1,001
  -1,040
Cash from operations, $m
  -88
  -142
  -219
  -325
  -468
  -655
  -892
  -1,187
  -1,546
  -1,974
  -2,476
  -3,054
  -3,712
  -4,450
  -5,269
  -6,168
  -7,145
  -8,201
  -9,332
  -10,537
  -11,814
  -13,162
  -14,580
  -16,067
  -17,621
  -19,244
  -20,935
  -22,695
  -24,526
  -26,430
Maintenance CAPEX, $m
  -5
  -8
  -12
  -18
  -26
  -37
  -50
  -68
  -89
  -114
  -144
  -179
  -219
  -264
  -314
  -369
  -429
  -494
  -564
  -639
  -719
  -803
  -891
  -984
  -1,081
  -1,182
  -1,288
  -1,398
  -1,513
  -1,632
New CAPEX, $m
  -25
  -36
  -51
  -69
  -92
  -118
  -148
  -182
  -219
  -258
  -300
  -343
  -386
  -430
  -474
  -518
  -561
  -602
  -643
  -683
  -722
  -760
  -798
  -835
  -873
  -910
  -948
  -986
  -1,025
  -1,065
Cash from investing activities, $m
  -30
  -44
  -63
  -87
  -118
  -155
  -198
  -250
  -308
  -372
  -444
  -522
  -605
  -694
  -788
  -887
  -990
  -1,096
  -1,207
  -1,322
  -1,441
  -1,563
  -1,689
  -1,819
  -1,954
  -2,092
  -2,236
  -2,384
  -2,538
  -2,697
Free cash flow, $m
  -118
  -186
  -282
  -413
  -586
  -809
  -1,090
  -1,436
  -1,853
  -2,346
  -2,919
  -3,576
  -4,317
  -5,144
  -6,057
  -7,054
  -8,135
  -9,297
  -10,539
  -11,859
  -13,255
  -14,725
  -16,269
  -17,886
  -19,575
  -21,336
  -23,171
  -25,080
  -27,065
  -29,128
Issuance/(repayment) of debt, $m
  63
  90
  127
  172
  228
  293
  368
  452
  544
  642
  746
  852
  961
  1,071
  1,180
  1,289
  1,395
  1,499
  1,601
  1,700
  1,797
  1,892
  1,986
  2,079
  2,171
  2,264
  2,358
  2,453
  2,551
  2,651
Issuance/(repurchase) of shares, $m
  149
  231
  345
  498
  699
  954
  1,273
  1,660
  2,122
  2,664
  3,288
  3,998
  4,793
  5,675
  6,641
  7,692
  8,826
  10,039
  11,332
  12,701
  14,145
  15,662
  17,252
  18,915
  20,650
  22,457
  24,338
  26,294
  28,327
  30,440
Cash from financing (excl. dividends), $m  
  212
  321
  472
  670
  927
  1,247
  1,641
  2,112
  2,666
  3,306
  4,034
  4,850
  5,754
  6,746
  7,821
  8,981
  10,221
  11,538
  12,933
  14,401
  15,942
  17,554
  19,238
  20,994
  22,821
  24,721
  26,696
  28,747
  30,878
  33,091
Total cash flow (excl. dividends), $m
  94
  135
  190
  258
  341
  439
  551
  676
  813
  960
  1,115
  1,274
  1,437
  1,601
  1,765
  1,926
  2,086
  2,241
  2,393
  2,542
  2,687
  2,829
  2,969
  3,108
  3,246
  3,385
  3,525
  3,668
  3,814
  3,964
Retained Cash Flow (-), $m
  -149
  -231
  -345
  -498
  -699
  -954
  -1,273
  -1,660
  -2,122
  -2,664
  -3,288
  -3,998
  -4,793
  -5,675
  -6,641
  -7,692
  -8,826
  -10,039
  -11,332
  -12,701
  -14,145
  -15,662
  -17,252
  -18,915
  -20,650
  -22,457
  -24,338
  -26,294
  -28,327
  -30,440
Prev. year cash balance distribution, $m
  466
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  411
  -96
  -155
  -240
  -358
  -516
  -722
  -984
  -1,309
  -1,704
  -2,174
  -2,724
  -3,356
  -4,073
  -4,877
  -5,766
  -6,740
  -7,798
  -8,939
  -10,159
  -11,458
  -12,833
  -14,283
  -15,807
  -17,403
  -19,072
  -20,813
  -22,626
  -24,514
  -26,477
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  394
  -88
  -135
  -198
  -277
  -374
  -488
  -615
  -752
  -893
  -1,032
  -1,162
  -1,276
  -1,368
  -1,432
  -1,465
  -1,467
  -1,436
  -1,376
  -1,291
  -1,185
  -1,065
  -936
  -805
  -677
  -556
  -447
  -350
  -268
  -199
Current shareholders' claim on cash, %
  48.4
  23.9
  12.0
  6.1
  3.2
  1.7
  0.9
  0.5
  0.3
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Spark Therapeutics, Inc. is a gene therapy company. The Company focuses on treating orphan diseases. It has a pipeline of product candidates targeting multiple rare blinding conditions, hematologic disorders and neurodegenerative diseases. Its pipeline includes a product candidate targeting choroideremia (CHM), which is in a Phase I/II clinical trial and a product candidate for hemophilia A, which is in a Phase I/II clinical trial. Its product investigational candidate, voretigene neparvovec, is intended to treat a genetic blinding condition or inherited retinal disease (IRD). The programs targeting hematologic disorders include SPK-FIX, for which the lead product candidate, SPK-9001, is in a Phase I/II clinical trial for the treatment of hemophilia B, as well as SPK-FVIII for the treatment of hemophilia A. In its SPK-FVIII program for the treatment of hemophilia A, the Company has initiated a dose-escalating Phase I/II clinical trial for its lead product candidate, SPK-8011.

FINANCIAL RATIOS  of  Spark Therapeutics (ONCE)

Valuation Ratios
P/E Ratio -8.9
Price to Sales 55.2
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow -13.8
Price to Free Cash Flow -11
Growth Rates
Sales Growth Rate -9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.6%
Total Debt to Equity 0.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -35.2%
Ret/ On Assets - 3 Yr. Avg. -36%
Return On Total Capital -39.8%
Ret/ On T. Cap. - 3 Yr. Avg. -49.9%
Return On Equity -39.9%
Return On Equity - 3 Yr. Avg. -50%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -600%
EBITDA Margin - 3 Yr. Avg. -1068.2%
Operating Margin -630%
Oper. Margin - 3 Yr. Avg. -1081.2%
Pre-Tax Margin -620%
Pre-Tax Margin - 3 Yr. Avg. -1077.9%
Net Profit Margin -620%
Net Profit Margin - 3 Yr. Avg. -1077.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ONCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ONCE stock intrinsic value calculation we used $12.065644 million for the last fiscal year's total revenue generated by Spark Therapeutics. The default revenue input number comes from 0001 income statement of Spark Therapeutics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ONCE stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ONCE is calculated based on our internal credit rating of Spark Therapeutics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Spark Therapeutics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ONCE stock the variable cost ratio is equal to 725%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ONCE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Spark Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Spark Therapeutics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ONCE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ONCE are equal to 344.6%.

Life of production assets of 8.6 years is the average useful life of capital assets used in Spark Therapeutics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ONCE is equal to -336.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $513.624 million for Spark Therapeutics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 37.386 million for Spark Therapeutics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Spark Therapeutics at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Sangamo stock drops after J.P. Morgan downgrade   [Nov-14-18 08:19AM  MarketWatch]
▶ These Biopharmas Could Cure Genetic Diseases At $5 Million Apiece   [Nov-12-18 04:21PM  Investor's Business Daily]
▶ Spark Therapeutics: 3Q Earnings Snapshot   [08:25AM  Associated Press]
▶ Gene therapy: CHOP unveils $75M manufacturing facility (Photos)   [Nov-01-18 02:04PM  American City Business Journals]
▶ Spark Therapeutics to add up to 500 jobs in West Philadelphia expansion   [Oct-11-18 12:27PM  American City Business Journals]
▶ Where Philadelphia ranks among the top biotech clusters   [Sep-28-18 07:32AM  American City Business Journals]
▶ High Hopes for a Gene Therapy Come With Fears Over Cost   [Sep-24-18 04:43PM  The Wall Street Journal]
▶ European advisory panel recommends approval of Spark's gene therapy   [Sep-21-18 09:31AM  American City Business Journals]
▶ [$$] Triple Set of EMA Recommendations for Novartis Drugs   [08:50AM  The Wall Street Journal]
▶ 5 Healthcare Stocks That Are Down, But Not Out!   [Aug-29-18 11:52AM  InvestorPlace]
▶ Is Spark Therapeutics a Bad News Buy?   [Aug-17-18 09:51PM  Motley Fool]
▶ What's Next for Spark Therapeutics   [06:00AM  Motley Fool]
▶ 3 Top Biotech Stocks to Buy Right Now   [Aug-13-18 09:00PM  Motley Fool]
▶ 3 Beaten-Down Biotech Stocks: Can They Recover?   [Aug-12-18 11:46AM  Motley Fool]
▶ [$$] Akouos Gets $50 Million to Fight Hearing Loss With Gene Therapy   [Aug-07-18 07:13PM  The Wall Street Journal]
▶ Why Spark's stock price is down 30 percent   [10:47AM  American City Business Journals]
▶ Spark Therapeutics: 2Q Earnings Snapshot   [07:51AM  Associated Press]
▶ Pfizer begins late-stage testing of Spark's hemophilia B gene therapy   [Jul-16-18 04:16PM  American City Business Journals]
▶ 3 Biotech Stocks With Major Catalysts Incoming   [Jul-03-18 09:31AM  Motley Fool]
▶ Top High Growth Stocks This Week   [Jun-12-18 12:02PM  Simply Wall St.]
▶ 3 Top Biotech Stocks to Buy in June   [Jun-04-18 11:36AM  Motley Fool]
▶ 3 Biotech Stocks Poised for 12% Gains   [Jun-01-18 12:16PM  Investopedia]
▶ Philadelphia's 'Cellicon Valley' campaign is headed to Boston   [May-31-18 12:57PM  American City Business Journals]
▶ Which Is the Best Hemophilia Stock to Buy Now?   [May-26-18 08:05AM  Motley Fool]
▶ Spark, Pfizer report progress on gene therapy for hemophilia   [May-22-18 11:43AM  American City Business Journals]
▶ High Growth AMEX Stocks For The Day   [May-12-18 12:02PM  Simply Wall St.]
▶ Spark Therapeutics: 1Q Earnings Snapshot   [08:03AM  Associated Press]
▶ Why Hemophilia Patients Could Pay $1.5 Million For Gene Therapy   [May-07-18 04:04PM  Investor's Business Daily]
▶ Peninsula drug maker swings $110 million deal for voucher   [Apr-30-18 05:27PM  American City Business Journals]
▶ Voucher sale brings $110M payday for Spark Therapeutics   [09:18AM  American City Business Journals]
▶ A Winning Stock Picker's 8 Favorite Plays   [Apr-20-18 10:01AM  Investopedia]
▶ How These Gene Therapy Stocks Benefit From Novartis-AveXis Deal   [Apr-10-18 04:23PM  Investor's Business Daily]
▶ 3 Hot Biotech Stocks Facing Sharp Declines   [Apr-02-18 06:00AM  Investopedia]
▶ Roche Hashes Out Details Of Patient Deaths In Hemophilia Drug   [Mar-29-18 04:30PM  Investor's Business Daily]
▶ Mass. Eye and Ear makes history, injecting $850,000 gene therapy for first time   [Mar-20-18 04:24PM  American City Business Journals]
▶ Award time: Life Sciences Pennsylvania hands out annual industry awards   [Mar-16-18 03:32PM  American City Business Journals]
▶ SXSW on the Future of Healthcare   [Mar-15-18 10:54AM  Motley Fool]

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